Jeffrey Peek, chief executive of the unit, left in September after losing out to Stanley O'Neal in the race to head up the whole brokerage firm. Carol Galley and Stephen Zimmerman, bosses of the UK funds unit , also left last year.
Merrill said that Utermann, 36, has left as he 'decided that the role didn't meet' his long-term career aims. Brian Murdoch, global head of fixed income, will take over as chief investment officer for equities in Europe, Middle East and Africa as the firm seek a replacement for Utermann.
Merrill Lynch Investment Managers posted a profit drop of 39% in 2001. Its reputation was also dented in December last year when it agreed to pay Unilever Plc £70m to settle allegations that it failed to reach agreed investment targets.
Merrill Boss Resigns
Bloomberg reports that Andreas Utermann, global head of equities at Merrill Lynch Asset Maanagement, has resigned. He is the fourth top executive to leave the Merrill money-management unit in the last twelve months.
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